Posted by: rockey07 May 21, 2021
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Sujhab, I been in a similar situation like you. I would like to share few things based on my experience to help you navigate through the process.
First, check Medicaid eligibility for your state. Every state is different. If your parents are eligible, the cost can be significantly lower than the coverage from the market place.
If they are not eligible for Medicaid; go to healthcare.gov and create account for your parents. Based on your Tax bracket, you will get a Tax Credit which will lower your Health Insurance Cost. Income between 100% and 400% Federal Poverty Level(FPL) gets Tax credit in all states. You will get all the necessary information about your eligibility and Tax credit once you start filling the application in healthcare.gov.
After you complete the application, you will know your tax credit. With that tax credit, you can shop around for the insurance available in the market place. You will pay the difference if you choose the health insurance that cost more than the tax credit. However, if you claim your parents as independent with no income for tax purpose, they can still get the coverage from the market place, but they will not get any Tax credit. You need to make minimum FPL income as defined by state to get any Tax credit.
Lastly, if your parents are over 65 and not eligible for Medicare, you might need to get a Denial Letter form Social Security Administration (SSA). Usually the insurance company denies the claim for anyone over 65 because they assume that the individual already had a Medicare coverage.
First, check Medicaid eligibility for your state. Every state is different. If your parents are eligible, the cost can be significantly lower than the coverage from the market place.
If they are not eligible for Medicaid; go to healthcare.gov and create account for your parents. Based on your Tax bracket, you will get a Tax Credit which will lower your Health Insurance Cost. Income between 100% and 400% Federal Poverty Level(FPL) gets Tax credit in all states. You will get all the necessary information about your eligibility and Tax credit once you start filling the application in healthcare.gov.
After you complete the application, you will know your tax credit. With that tax credit, you can shop around for the insurance available in the market place. You will pay the difference if you choose the health insurance that cost more than the tax credit. However, if you claim your parents as independent with no income for tax purpose, they can still get the coverage from the market place, but they will not get any Tax credit. You need to make minimum FPL income as defined by state to get any Tax credit.
Lastly, if your parents are over 65 and not eligible for Medicare, you might need to get a Denial Letter form Social Security Administration (SSA). Usually the insurance company denies the claim for anyone over 65 because they assume that the individual already had a Medicare coverage.